MRM - 2018 Registration document

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General information on the issuer and its capital Management report for the year ended 31 December 2018

Employee profit-sharing plan

3.4

None.

Dividend payout policy

3.5

The dividend payout policy complies with SIIC rules. In particular, 95% of earnings from building lettings are paid out before the end of the financial year following the one during which such earnings are realised, and 60% of capital gains from the sale of buildings, shares in tax-transparent property companies or shares of subsidiaries liable for corporate income tax having opted for SIIC status are paid out in dividends before the end of the second financial year following the one in which they are realised; and dividends received from subsidiaries having opted for SIIC status are redistributed in full during the financial year following their collection. The resolutions to be presented to the Annual General Meeting to be held on 29 May 2019 to approve the financial statements

for 2018 provide for the payment of premiums of €0.11 per share for 2018 as indicated in Section 2.3 “Appropriation of earnings and payment of premiums” of the management report in Section 3.6 of this Registration Document. Dividend payments for the past three years are presented in paragraph 2.4 “Dividends paid out in previous years” of the management report in Section 3.6 of this Registration Document. The dividend limitation period is five years. Dividends for which payment has not been requested are paid back to the French Treasury department.

Management report for the year ended 31 December 2018

3.6

Ladies, Gentlemen, This Combined General Meeting was called in accordance with the Articles of Association and the French Commercial Code to report on the Company’s business activities during the financial year ended 31 December 2018, the resultant earnings and the Company’s outlook, and to seek approval

for the annual and consolidated financial statements for said financial year. Those financial statements are attached. You were duly notified and called to the Meeting, as prescribed by law, and all mandatory documents under rules and regulations in force were put at your disposal within the legal time frame.

1.

Company position and activities

1.1 Company position and activities in the past year

Since 29 May 2013, M.R.M.’s main shareholder has been SCOR SE which owns 59.9% of the share capital. Since then, M.R.M.’s strategy has been to refocus its business on holding and managing retail properties with plans to gradually dispose of its office properties. In 2018, M.R.M. completed its refocusing strategy with the disposal in May of Nova, its last operating office rental property. In addition, M.R.M. has pursued the deployment of its investment plan reserved for existing retail properties, while continuing to market its available spaces.

1.1.1 General presentation of the Company M.R.M. is a listed real estate investment company that owns a portfolio consisting primarily of retail properties across several regions of France. As such, M.R.M. and its subsidiaries implement an active value-enhancement and asset management strategy combining yield and capital gains.

M.R.M. 2018 REGISTRATION DOCUMENT

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